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Fitch Affirms GSMSC 2009-RR1

CHICAGO--(BUSINESS WIRE)--Fitch Ratings affirms GS Mortgage Securities Corporation II, GSMS Trust 2009-RR1 certificates as follows:

--$24,283,000 class CS-A at 'AAA'; Outlook Stable;

--$51,193,078* class GG-A at 'AAA'; Outlook Stable;

--$26,721,500** class GG-A1 at 'AAA'; Outlook Stable;

--$13,360,750** class GG-A2 at 'AAA'; Outlook Stable;

--$13,360,750** class GG-A3 at 'AAA'; Outlook Stable;

--$40,082,250** class GG-A4 at 'AAA'; Outlook Stable;

--$26,721,500** class GG-A5 at 'AAA'; Outlook Stable;

--$36,542,632* class JP-A at 'AAA'; Outlook Stable;

--$18,653,500** class JP-A1 at 'AAA'; Outlook Stable;

--$9,326,750** class JP-A2 at 'AAA'; Outlook Stable;

--$9,326,750** class JP-A3 at 'AAA'; Outlook Stable;

--$27,980,250** class JP-A4 at 'AAA'; Outlook Stable;

--$18,653,500** class JP-A5 at 'AAA'; Outlook Stable;

--$40,607,000* class ML-A at 'AAA'; Outlook Stable;

--$20,303,500** class ML-A1 at 'AAA'; Outlook Stable;

--$10,151,750** class ML-A2 at 'AAA'; Outlook Stable;

--$10,151,750** class ML-A3 at 'AAA'; Outlook Stable;

--$30,455,250** class ML-A4 at 'AAA'; Outlook Stable;

--$20,303,500** class ML-A5 at 'AAA'; Outlook Stable.

*Exchangeable REMIC certificates

** Exchangeable certificates

Fitch does not rate classes CS-B, GG-B, JP-B, and ML-B. This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. The class GG-A, GG-A1, GG-A2, GG-A3, GG-A4, GG-A5, JP-A, JP-A1, JP-A2, JP-A3, JP-A4, JP-A5, ML-A, ML-A1, ML-A2, ML-A3, ML-A4, and ML-A5 certificates are exchangeable certificates.

KEY RATING DRIVERS

This transaction is a resecuritization of a pari passu ownership interest in four commercial mortgage-backed certificates, none of which are rated by Fitch: CSMC 2006-C5 class A-3, GCCFC 2006-GG7 class A-4, JPMCC 2006-LDP8 class A-4, and MLCFC 2006-4 class A-3.

Credit Suisse Commercial Mortgage Trust 2006-C5 is currently backed by a pool of 237 multifamily and commercial mortgage loans and A-3 has 32.26% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.3 billion.

Greenwich Capital Commercial Funding Corp 2006-GG7 is currently backed by a pool of 99 multifamily and commercial mortgage loans and A-4 has 30.76% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.7 billion.

J.P. Morgan Chase Commercial Mortgage Securities Corp 2006-LDP8 is currently backed by a pool of 117 multifamily and commercial mortgage loans and has A-4 has 37.99% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $2.2 billion.

ML-CFC Commercial Mortgage Trust 2006-4 is currently backed by a pool of 222 multifamily and commercial mortgage loans and A-3 has 34.79% credit enhancement in the underlying transaction. The underlying transaction has a remaining principal balance of approximately $3.3 billion.

Credit enhancement for classes CS-A, GG-A, GG-A3, GG-A5, JP-A, JP-A3, JP-A5, ML-A, ML-A3, and ML-A5 is approximately 50% and is provided by the structural support of each respective underlying transaction and each respective subordinate class in the resecuritization.

Credit enhancement for classes GG-A1, JP-A1, and ML-A1 is approximately 75% and is provided by the structural support of each respective underlying transaction and the respective subordinate classes in the resecuritization.

Credit enhancement for classes GG-A2, GG-A4, JP-A2, JP-A4, ML-A2, and ML-A4 is approximately 63% and is provided by the structural support of each respective underlying transaction and the respective subordinate classes in the resecuritization.

Any extraordinary expenses incurred by the Trustee are paid first from an expense reserve in the amount of $100,000 per group ($400,000 total). Once the reserve is depleted, extraordinary expenses will be paid from available interest then available principal.

Fitch reviewed the underlying collateral and performed loan level stressed analysis under the criteria described in 'US Fixed-Rate Multiborrower and Re REMIC Criteria', Dec. 11, 2013.

RATING SENSITIVITIES

All the ratings maintain Stable Outlooks as there are no rating changes expected due to the significant implied credit enhancement on each of the rated Re REMIC bonds.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research

--'Global Structured Finance Rating Criteria' (Aug. 4, 2014);

--'US Fixed-Rate Multiborrower Surveillance and Re REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=860574

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Contacts

Fitch Ratings
Primary Analyst:
Valerie Jayson, +1-312-368-3116
Associate Director
Fitch Ratings, Inc
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Christopher Bushart, +1-212-908-0606
Senior Director
or
Alyssa Castelli, +1-212-908-0540
Media Relations, New York
alyssa.castelli@fitchratings.com